‘Crypto Week’ Hits a Roadblock as House Cancels Makeup Vote for Crypto Bills
The House of Representatives adjourned for the day without voting on a procedural motion needed to advance three crypto bills, casting doubt on the planned “Crypto Week.” This unexpected halt stemmed from objections by members of the House Freedom Caucus to the bills’ Senate-influenced development. The procedural snag immediately impacted crypto markets, as the anticipated passage of two key industry priorities was delayed.
Bitcoin and Ether briefly dipped by roughly 0.5% following the news, but quickly recovered most losses. Circle (CRCL), a prominent stablecoin issuer, experienced a more significant drop, falling nearly 5% but remaining substantially higher than its initial public offering price last month.
The setback arose from a procedural vote that was canceled less than fifteen minutes before its scheduled start time. The vote was rescheduled for later Tuesday afternoon, then canceled. Analyst Jaret Seiberg of TD Cowen anticipates another House vote on the rule Wednesday, acknowledging the possibility of further delays until next week.
Despite the procedural hiccup, bipartisan support for the legislation remains strong. President Trump publicly urged Republicans to support the rule, highlighting the GENIUS Act’s importance for maintaining U.S. competitiveness in crypto development. Seiberg predicts the House will ultimately pass the GENIUS Act due to the President’s backing, suggesting the House Freedom Caucus will eventually concede despite their objections to the Senate version.
Legislative delays are not uncommon. Similar delays previously occurred in the Senate when Democrats objected to specific provisions in the GENIUS Act, necessitating further discussions. Whether unhappy Republicans can similarly impede progress this week remains uncertain. The unexpected cancellation underscores the unpredictable nature of the legislative process and highlights the potential for unforeseen obstacles even when substantial support exists. The situation remains fluid, with further developments expected in the coming days.
